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Activist John Petry Gets What He Wants From Ashford Hospitality Prime Inc. (NYSE:AHP)

As soon as Bill Ackman files a 13D, other hedge funds flock into the same stock to take advantage of the situation. In this regard, John Petry is probably the Rodney Dangerfield of activist investing. Petry’s Sessa Capital is one of the best performing hedge funds in our list, meaning investors would have beat the heck out of the index funds if they had imitated Sessa Capital’s 13F portfolio. Sessa Capital’s actual investors, billionaire David Einhorn is one of them, enjoyed a 34.1% return in 2016.

John Petry is like Rodney Dangerfield because only one of the 140 biggest activist hedge funds has a position in Ashford Hospitality Prime Inc. (NYSE:AHP). AHP shares appreciated about 30% over the last 12 months, but didn’t move much since Sessa Capital disclosed its activist stake in September 2015. Today’s filing shows that Sessa Capital will get two board seats. The other details of Sessa’s agreement with Ashford Hospitality Prime Inc. (NYSE:AHP) can be seen below.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Sessa Capital (Master) 2,210,427 2,210,427 2,210,427 8.5%
Sessa Capital GP 2,210,427 2,210,427 2,210,427 8.5%
Sessa Capital IM 2,210,427 2,210,427 2,210,427 8.5%
Sessa Capital IM GP 2,210,427 2,210,427 2,210,427 8.5%
John Petry 2,210,427 2,210,427 2,210,427 8.5%

Page 1 of 10 – SEC Filing

Washington, D.C. 20549
(Rule 13d-101)
§ 240.13d-2(a)
(Amendment No. 15)1
Ashford Hospitality Prime, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
(CUSIP Number)
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
February 16, 2017
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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